Magna International (NYSE:MGA) Price Target Lowered to $36.50 at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by CIBC from $44.00 to $36.50 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently commented on MGA. Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. TD Securities reduced their price objective on Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Bank of America cut shares of Magna International from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $52.00 to $48.00 in a research note on Tuesday. Royal Bank of Canada reduced their target price on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research report on Tuesday, February 18th. Finally, Barclays lowered their price target on shares of Magna International from $50.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $47.03.

Magna International Trading Up 8.0 %

Shares of NYSE:MGA opened at $36.86 on Wednesday. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 0.63 and a beta of 1.65. The business’s 50 day moving average price is $39.66 and its 200-day moving average price is $41.45. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. Magna International has a 1 year low of $33.30 and a 1 year high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. During the same quarter last year, the business earned $1.33 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities research analysts forecast that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend is Friday, February 28th. This is a boost from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio is currently 55.27%.

Institutional Investors Weigh In On Magna International

Several large investors have recently added to or reduced their stakes in the business. Avior Wealth Management LLC increased its position in shares of Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after acquiring an additional 600 shares during the period. Kennebec Savings Bank purchased a new position in shares of Magna International in the 3rd quarter valued at about $32,000. LRI Investments LLC grew its position in shares of Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Magna International during the fourth quarter worth approximately $33,000. Finally, Lindbrook Capital LLC raised its holdings in Magna International by 43.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after acquiring an additional 312 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.